HONG KONG, April 20 — Oil prices collapsed to more than two-decade lows today as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. US crude...
ANZ said crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment. — Reuters pic
Analysts said this month’s agreement between top producers to slash output by 10 million barrels a day was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home. “Despite the Opec+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil,” it said, referring to the Organisation of the Petroleum Exporting Countries and non-Opec partners.
Stock traders were in slightly more buoyant mood as governments start to consider how and when to ease lockdowns that have crippled the global economy.‘No time to get cocky’ Mounting evidence suggests that the lockdowns and social distancing are slowing the spread of the virus. That has intensified planning in many countries to begin loosening curbs on movement and easing the crushing pressure on national economies.
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